Monday, August 27, 2007

Average Retirement Age 61.5 Years Old

There are a number of news articles out there today based on a recent Stats Canada report(s).

Statistics Canada has recently reported that "the average age of retirement remained steady at 61.5" according to this on-line article.

Most baby-boomers are not seeing "freedom 55". Having retired myself just a few months after my 55th birthday I can understand why. It requires a lot of discipline to save more and spend less while everyone around you is spending their extra cash on winter vacations, larger homes and newer cars. Then there are all those who just need to continue working due to their low wage level.

Statscan also found that about one third of older boomers are taking their Canada Pension Plan money at age 60 but continuing to work. The majority are women.

The CPP has investments worth about $120 billion, with about 65 % of this money in equities. This money is one of the many sources that help guarantee that the TSX Comp Index "will always come back" after a correction, like the current one.

1 comment:

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